Terms Flashcards
1
Q
Adaptive Life Cycle
A
The progression of project phases characterized by a willingness to embrace change and involving significant stakeholder interaction with a focus on the incremental release of work, typically every 2 to 4 weeks; uses fixed time and resources; also called agile.
Exam Tip of the Day #1
2
Q
Confidentiality
A
The act of not providing certain confidential information to those who should not know about it.
Exam Tip of the Day #2
3
Q
Path Convergence
A
A node on a network diagram that indicates the merger of parallel paths; distinguished by an activity with multiple predecessors.
Exam Tip of the Day #3
4
Q
Market Research
A
The process of gathering information about customers or markets.
Exam Tip of the Day #4
5
Q
Bar Chart
A
A graphical representation of schedule-related information. Typically, schedule activities or work breakdown structure components are displayed vertically on the far left of the chart, dates are displayed horizontally across the top of the chart, and activity durations are displayed as date-placed horizontal bars. Also see Gantt chart.
Exam Tip of the Day #5
6
Q
Learning Curve Theory
A
A theory which states that the more of something that is produced, the lower the unit cost of it becomes due to an improvement in efficiency.
Exam Tip of the Day #6
7
Q
Decision Tree Analysis
A
A technique used to assess possible responses to a threat or opportunity in order to make the best decision; it involves diagramming the options and notating the expected monetary value (EMV) potential of each option.
Exam Tip of the Day #7
8
Q
Professional and Social Responsibility
A
Ethics expected in project managers; includes balancing stakeholder interests and reporting violations.
Exam Tip of the Day #8
9
Q
Histogram
A
A graphical representation, in the format of bar chart, that depicts the central tendency, dispersal, and shape of a statistical distribution.
Exam Tip of the Day #9
10
Q
Tight Matrix
A
A phrase that describes a war room or close environment for the team; can also be used as a distracter answer on organizational-related questions.
Exam Tip of the Day #10
11
Q
Status Report
A
A report that states the current shape or state of the project to date.
12
Q
Change Log
A
A list of proposed project modifications and their associated details including description, date, requestor, and status.
Exam Tip of the Day #12
13
Q
Investment Power
A
A type of power that involves delaying key decision(s) so enough time passes that stakeholders or other such parties can make a significant time investment in the project.
Exam Tip of the Day #13
14
Q
Work Performance Information
A
The evaluation and integration of project execution statistics and measurements gathered from control processes.
Exam Tip of the Day #14
15
Q
Phase Gate
A
A review which is conducted at the end of a phase to decide if the project should continue to the next phase, if the project should continue to the next phase with modification, or if the project or program should be terminated.
Exam Tip of the Day #15
16
Q
Issue Log
A
A project document that tracks elements that cause stakeholder concern or dissension.
Exam Tip of the Day #16
17
Q
Risk Tolerance
A
The level of risk that an individual or organization is willing to permit; also known as risk utility.
Exam Tip of the Day #18
18
Q
Context Diagrams
A
A graphical representation of the scope of a business system that includes processes, equipment, and computer systems and indicates the manner in which people and other systems interact with the business system.
Exam Tip of the Day #19
19
Q
Business Case
A
A document that attempts to prove the economic feasibility of a business idea, such as a product or service, to justify the project.
Exam Tip of the Day #20
20
Q
Development Approach
A
The method (predictive, iterative, incremental, agile, or hybrid) utilized during the project life cycle to produce and elaborate the product, service, or result of the project.
Exam Tip of the Day #21
21
Q
Work Package
A
The smallest level of WBS work for which cost and time can be assessed and administered.
Exam Tip of the Day #22
22
Q
Mirroring
A
Matching behavior characteristics of another person or group.
Exam Tip of the Day #24
23
Q
Project Life Cycle
A
The phases, from initiation through closure, of a project associated with the work of the project, as opposed to being associated with its project management.
Exam Tip of the Day #25
24
Q
Update
A
A modification to any deliverable, project management plan component, or project document that has not been subjected to the formal change control process.
Exam Tip of the Day #26
25
Validation
The process of determining that the results of the project are in compliance with requirements imposed by the customer and appropriate stakeholders and typically involving acceptance by them.
| Exam Tip of the Day #27
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Plurality
The votes of the largest block in a group when a majority is not required, typically used to denote agreement with a decision.
| Exam Tip of the Day #28
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Crashing
A compression technique to shorten the duration of the schedule, typically by adding additional resources to critical path activities.
| Exam Tip of the Day #29
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Float
The amount of time an activity can be delayed without delaying successor activities or the project completion date.
| Exam Tip of the Day #30
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Variation
The difference between the baseline and actual project data at a specific point in time.
| Exam Tip of the Day #31
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Closed Procurements
The written formal notification, from the buyer to the seller, that the contract has been completed; typically completion is dependent on the seller meeting the terms and conditions of the contract.
| Exam Tip of the Day #32
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Fixed Price Contract
A mutually binding agreement that compensates the seller for goods or services on the basis of a fixed amount identified in the agreement, notwithstanding the seller's costs.
| Exam Tip of the Day #33
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Project Calendar
A calendar that indicates working days and shifts available for project activities.
| Exam Tip of the Day #34
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Sunk Cost
Money that has already been spent on a project; should not be considered when selecting or evaluating a project.
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Quality Report
A project document that addresses quality management issues, recommendations for corrective actions, and a recap of findings from quality control activities; the report may include advice related to the improvement of process, project, and product.A mutually binding agreement that compensates the seller for goods or services on the basis of a fixed amount identified in the agreement, notwithstanding the seller's costs.
| Exam Tip of the Day #36
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Risk Owner
The person responsible for the monitoring of a risk and for the determination and implementation of an appropriate risk response strategy.
| Exam Tip of the Day #37
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Task
An activity to be completed on the project.
| Exam Tip of the Day #38
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Schedule Baseline
The authorized version of the schedule model that is used as the basis for comparison and can only be modified through a formal change control procedure.
| Exam Tip of the Day #39
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Cost Aggregation
Adding together the work package cost estimates for high-level WBS components, including control accounts, for the purpose of establishing the value of the total project or the control account work.
| Exam Tip of the Day #40
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Earned Value (EV)
The value of the work that has been completed as of a specific point in time calculated by multiplying the completion percent of activity by its planned value, then adding the results; also known as the budgeted cost of work performed (BCWP).
| Exam Tip of the Day #41
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Quality
The degree to which a group of fundamental characteristics satisfies requirements.
| Exam Tip of the Day #43
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Control Chart
A graphic representation of process data over time that is set against documented control limits and has a center line (mean) to assist in identifying trends.
| Exam Tip of the Day #42
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Quality
The degree to which a group of fundamental characteristics satisfies requirements.
| Exam Tip of the Day #43
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Attitude Power
A type of power that can involve using a middle person to negotiate for the project manager.
| Exam Tip of the Day #44
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Team Management Plan
A component of the resource management plan that delineates the manner and timing in which team members are acquired and released.
| Exam Tip of the Day #45
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Risk Power
A type of power that uses calculated risks in negotiations to achieve project goals.
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Execute
Perform the tasks of the project management plan, create the project deliverables, and generate work performance information.
| Exam Tip of the Day #47
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Intellectual Property
Ideas and concepts created by an individual or company, typically eligible for copyright or patent, thus providing ownership properties.
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Monitor and Control Project Work
The process of monitoring, evaluating, and governing performance progress as detailed in accordance with the project management plan.
| Exam Tip of the Day #49
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Plan Schedule Management
(Schedule Process - Primary Function)
Provides “how to” direction to the team regarding schedule management and produces the Schedule Management Plan.
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Define Activities
(Schedule Process - Primary Function)
Decomposes the scope of the project into project schedule
activities.
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Sequence Activities
(Schedule Process - Primary Function)
Sequences the activities to optimize the schedule.
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Estimate Activity Durations
(Schedule Process - Primary Function)
Estimates the timeframes required to complete the schedule activities.
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Develop Schedule
(Schedule Process - Primary Function)
Creates the project schedule and the schedule baseline.
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Control Schedule
(Schedule Process - Primary Function)
Maintains and controls the schedule baseline.
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Lead
(Schedule)
The amount of time a successor activity can be advanced with respect to the controlling predecessor. It is represented by a (-).
In a network diagram the Successor activity is the one that moves relative to the predecessor.
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Lag
(Schedule)
The amount of time a successor activity is delayed with respect to the Controlling predecessor. It is represented by a (+).
In a network diagram the Successor activity is the one that moves relative to the predecessor.
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Plan Cost Management
(Cost Process - Primary Function)
Provides “how to” direction to the team regarding cost management and produces the Cost Management Plan.
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Estimate Costs
(Cost Process - Primary Function)
Estimates the costs required to achieve the project objectives.
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Determine Budget
(Cost Process - Primary Function)
Develops a budget for the project and the Cost Baseline.
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Control Costs
(Cost Process - Primary Function)
Maintains and controls the cost baseline.
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Plan Resource Management
(Resource Process - Primary Function)
Provides “how to” direction to the team regarding resource management and produces the Resource Management Plan.
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Estimate Activity Resources
(Resource Process - Primary Function)
Estimates the resources required for the project based on schedule activities.
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Acquire Resources
(Resource Process - Primary Function)
Acquires both human and physical resources for the project.
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Develop Team
(Resource Process - Primary Function)
Ensures team develops to be able to perform the work of the
project.
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Manage Team
(Resource Process - Primary Function)
Manages the project team resources.
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Control Resources
(Resource Process - Primary Function)
Monitors planned resource usage and initiates changes, if required.
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Stakeholder Register
A project document that lists stakeholder information including name, role, assessment, and classification.
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Plan Risk Management
The process of determining the methods that will be used to execute project risk management activities.
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Communication Technology
The tools, systems, and computer applications utilized in the dissemination of information to project stakeholders.
| Exam Tip of the Day #52
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Network Diagram
A schematic of logical relationships that make up the flow of activities on the project; always drawn from left to right.
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Time and Material Contract (T&M)
A mutually binding agreement that compensates the seller for goods or services on the basis of fixed hourly rates for labor and the actual costs of materials; represents a composite of a cost-reimbursable contract (cost of materials can rise) and a fixed-price contract (labor cost are agreed on by buyer and seller before the start of the contract).
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Project Procurement Management
The processes required to purchase or acquire any products, services, or results from a source outside of the project team.
| Exam Tip of the Day #55
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Sam and Tracy are running their string theory project. They are in the process of monitoring project communications with the various stakeholders. This has been a challenge given it is a global project with many virtual employees. Which of the following is a tool and technique they will use with the monitor communications process?
(A) Communications management plan
(B) Change requests
(C) Work performance information
(D) Project management information system
**Correct Answer: (D) Project management information system**
Explanation: The tools and and techniques for the Monitor Communications process are: expert judgment, project management information systems, data analysis, stakeholder engagement assessment matrix, interpersonal and team skills, observation/conversation, and meetings.
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Agreements
A document or communication that defines the intentions of a project; examples include a contract, a memorandum of understanding (MOU), and letters of agreement.
| Exam Tip of the Day #56
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Root Cause Analysis
An analytical technique used to ascertain the fundamental reason a variance, defect, or risk exists.
| Exam Tip of the Day #57
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Fallback Plan
The plan that will supersede the original plan if it is not effective.
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Process
An ordered series of activities executed to create a product, result, service, or output.
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Project Phase
An aggregation of logically related activities that results in the completion of a deliverable or deliverables.
| Exam Tip of the Day #60
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Develop Project Charter
The process of evolving the document that authorizes the project and authorizes the project manager to employ organizational resources to do the work of the project.
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Enterprise
A company, business, or other formal structure that encompasses a business function.
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Plan Communications Management
(Communications Process)
Primary Function: Provides “how to” direction to the team regarding communications and produces the Communications Management Plan.
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Manage Communications
(Communications Process)
Primary Function: Implements the communications management plan.
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Monitor Communications
(Communications Process)
Primary Function: Monitors effectiveness of communications and makes adjustments, as necessary.
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Communications Channels Formula
CC = [n * (n – 1)] / 2
CC = Communications Channel
n = number of people
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Communications Planning
(Steps)
1) Determine who? (from Stakeholder register)
2) Identify communication needs of all stakeholders.
3) Determine methods (push, pull or interactive).
4) Review OPAs (lessons learned, historical info, templates).
5) Identify challenges.
6) Develop a communications plan.
7) Approve and publish the plan.
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Managing Communications
▪ Implement the communications management plan
▪ Confirm communications is effective and feedback is received
▪ Monitor communications and make adjustments, as necessary
▪ Be alert to stakeholder adds or changes
▪ Changes to other aspects of the project may impact communications
(e.g., scope change)
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Quality is...
(Concept)
“conformance to requirements or specifications.”
“The degree to which a set of inherent characteristics fulfill requirements”
- Emphasis on Prevention over Inspection
- Continuous Improvement
- Management Responsibility
- Conformance to Requirements & Fitness for Use
- Keep Failures out of the Process / Keep failures out of the hands of the Customer
Q = Quality of the Product + Quality of the Project
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Plan Quality
(Quality Concept)
Key Inputs:
- Project Charter
- Quality Policies
- Project Plan
- Process Assets
Output:
- Quality Management Plan
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Manage Quality
(Quality Concept)
Process Focused
Key Outputs:
- Test & Eval Docs
- Quality Reports
- Process Improvement
- Change Requests
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Control Quality
(Quality Concept)
Product Focused
Key Outputs:
- Verified Deliverables
- Quality Measurements
- Change Requests
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Team Members
(Key Concept - Quality Responsibilities)
Responsible for the quality of their own work.
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Project Manager
(Key Concept - Quality Responsibilities)
Responsible for the quality standards on the project.
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Senior/Executive Management
(Key Concept - Quality Responsibilities)
Responsible for the quality standards at the company.
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Grade versus Quality
(Quality - Key Concept)
▪ Grade is the category assigned to products or results to indicate similar functionality but different technical specifications. More functions/features = higher grade.
▪ Quality is defined as the degree to which a set of inherent characteristics fulfill requirements.
▪ Low or poor quality is always a problem, but low grade is not necessarily a problem.
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5 levels of Quality Management
(Quality - Key Concept)
▪ Least effective: customers find the defects, leads to litigation, recalls, warranty issues, etc.
▪ Fix defects before they get to the customer; high appraisal and rework costs
▪ Use Quality Assurance (QA) to adjust the processes, not just repair defects
▪ Incorporate quality into planning and design
▪ Most effective: build a quality culture throughout the organization
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Quality
(Key Documents)
▪ Quality Management Plan (from Plan Quality Management)
▪ Test and evaluation documents (from Manage Quality)
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Plan Quality Management
(Quality Process)
Primary Function: Provides “how to” direction to the team regarding quality and produces the Quality Management Plan.
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Manage Quality
(Quality Process)
Primary Function: Implements the quality management plan and provides ongoing
management of quality.
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Control Quality
(Quality Process)
Primary Function: Verifies the quality of deliverables.
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Quality Management Plan
▪ Describes how the quality policy will be implemented
▪ Provides input to the overall project plan
▪ Contains
̶ Quality policy
̶ Organizational structure
̶ Responsibilities
̶ Processes and procedures
̶ Metrics
̶ Resources needed to implement
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Quality Tools - Quality Audits
* Structured and independent audit of quality policies, processes and procedures
* Can be scheduled or random
* Usually conducted by a team external to the project (PMO or external group)
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Cost Management Plan
▪ The Cost Management Plan describes how the project costs will be planned, estimated, structured, and controlled.
▪ Components
- Units of measurement
- Level of precision
- Level of accuracy
- Links to cost procedures
- Thresholds
- Performance measurements
- Reporting formats
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Estimate Costs - Expert Judgement
▪ Experts can be individuals or groups
▪ Knowledge of internal cost processes
▪ Specialized knowledge in industry, discipline and cost estimating techniques
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Estimate Costs – Analogous Cost Estimating
* Estimating using historical costs of similar projects
* Also known as top-down estimating
* Expert judgment can help validate the estimate
* Less time consuming and costly but less accurate
* More reliable if previous projects are very similar to current project and project team members have the needed expertise
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Estimate Costs – Parametric Cost Estimating
* Uses statistical relationship between historical data and other variables
* Can produce higher levels of accuracy depending upon the sophistication and underlying data built into the model
* Examples of parametric measures are:
▪ Square footage used in construction
▪ Electrical cabling priced by linear foot
▪ Highway construction by the mile
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Quality Tools – Statistical Sampling
Statistical Sampling - Small sample from a group can project what the total group will be like.
Advantages:
- Less product damage
- Quicker decisions
- Fewer inspection errors
Disadvantages:
- Unrepresentative sample
- Less information
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Quality - Exam Tips
▪ Know the value of the quality management plan
▪ Know that manage quality is a continuous process and the umbrella for continuous improvement
▪ Understand how to use quality tools
▪ Know that control quality also validates approved changes
▪ Know the difference between manage quality and control quality
▪ Know the difference between control quality and validate scope
Control Quality ➔ Verified deliverables ➔ Validate Scope ➔ Accepted deliverables
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3 Components of Risk / Score
The Event
Impact
Probability
Risk Score: R = I * P
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Realized Risk
- A risk threat or opportunity that has actually occurred
- A realized negative risk is often called an issue
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Risk – Key Documents
▪ Risk Management Plan (output from “Plan Risk Management”)
▪ Risk Register (output from “Identify Risks”, iteratively developed)
▪ Risk Report (output from “Identify Risks”, iteratively developed)
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Plan Risk Management
(Risk Process)
Primary Function: Provides “how to” direction to the team regarding risk management and produces the Risk Management Plan.
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Identify Risks
(Risk Process)
Primary Function: Identify the risks to project objectives and create the initial risk register.
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Perform Qualitative Analysis
(Risk Process)
Primary Function: Rank risks and update the risk register.
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Perform Quantitative Analysis
(Risk Process)
Primary Function: Analyze high priority risks and assess probability of achieving project objectives. Update the risk register.
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Plan Risk Responses
(Risk Process)
Primary Function: Develop risk responses and update the risk register.
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Implement Risk Responses
(Risk Process)
Primary Function: Implement the planned risk responses.
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Monitor Risks
(Risk Process)
Primary Function: Monitor risks throughout the project duration, updating the risk register and initiating changes to the plan as needed
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Non-disclosure Agreement (NDA)
A document signed by the owner of intellectual property and those who view it when it is not generally exposed to the public, or if it is a new idea, before it is displayed to the public.
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Team Charter Components
- Team Values
- Communication Guidelines
- Decision-Making Criteria
- Conflict Resolution
- Meeting Guidelines
- Team Agreements
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Knowledge Areas - 10
1. Integration Management (7)
2. Scope Management (6)
3. Schedule Management (6)
4. Cost Management (4)
5. Quality Management (3)
6. Resource Management (6)
7. Communications Management (3)
8. Risk Management (7)
9. Procurement Management (3)
10. Stakeholder Management (4)
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Process Groups - 5
1. Initiating (2)
2. Planning (24)
3. Executing (10)
4. Monitoring & Controlling (12)
5. Closing (1)
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Initiating - 2
(Process Group)
1. Develop Project Charter
2. Identify Stakeholders
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Planning - 24
(Process Group)
1. Develop Project Management Plan
2. Plan Scope Management
3. Collect Requirements
4. Define Scope
5. Create WBS
6. Plan Schedule Management
7. Define Activities
8. Sequence Activities
9. Estimate Activity Durations
10. Develop Schedule
11. Plan Cost Management
12. Estimate Costs
13. Determine Budget
14. Plan Quality Management
15. Plan Resource Management
16. Estimate Activity Resources
17. Plan Communications Management
18. Plan Risk Management
19. Identify Risks
20. Perform Qualitative Analysis
21. Perform Quantitative Analysis
22. Plan Risk Responses
23. Plan Procurement Management
24. Plan stakeholder Engagement
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Executing - 10
(Process Group)
1. Direct and Manage Project Work
2. Manage Project Knowledge
3. Manage Quality
4. Acquire Resources
5. Develop Team
6. Manage Team
7. Manage Communications
8. Implement Risk Responses
9. Conduct Procurements
10. Manage Stakeholder Engagement
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Monitoring & Controlling - 12
(Process Group)
1. Monitor & Control Project Work
2. Perform Integrated Change Control
3. Validate Scope
4. Control Scope
5. Control Schedule
6. Control Costs
7. Control Quality
8. Control Resources
9. Monitor Communications
10. Monitor Risks
11. Control Procurement
12. Monitor Stakeholder Engagement
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Closing - 1
(Process Group)
1. Close Project or Phase
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Integration Management - 7
(Knowledge Area)
1. Develop Project Charter (I)
2. Develop Project Management Plan (P)
3. Direct and Manage Project Work (E)
4. Manage Project Knowledge (E)
5. Monitor and Control Project Work (M&C)
6. Perform Integrated Change Control (M&C)
7. Close Project or Phase (C)
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Scope Management - 6
(Knowledge Area)
1. Plan Scope Management (P)
2. Collect Requirements (P)
3. Define Scope (P)
4. Create WBS (P)
5. Validate Scope (M&C)
6. Control Scope (M&C)
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Schedule Management - 6
(Knowledge Area)
1. Plan Schedule Management (P)
2. Define Activities (P)
3. Sequence Activities (P)
4. Estimate Activity Durations (P)
5. Develop Schedule (P)
6. Control Schedule (M&C)
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Cost Management - 4
(Knowledge Area)
1. Plan Cost Management (P)
2. Estimate Costs (P)
3. Determine Budget (P)
4. Control Costs (M&C)
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Quality Management - 3
(Knowledge Area)
1. Plan Quality Management (P)
2. Manage Quality (E)
3. Control Quality (M&C)
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Resource Management - 3
(Knowledge Area)
1. Plan Resource Management (P)
2. Estimate Activity Resources (P)
3. Acquire Resources (E)
4. Develop Team (E)
5. Manage Team (E)
6. Control Resources (M&C)
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Communications Management - 3
(Knowledge Area)
1. Plan Communications Management (P)
2. Manage Communications (E)
3. Monitor Communications (M&C)
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Risk Management - 7
(Knowledge Area)
1. Plan Risk Management (P)
2. Identify Risks (P)
3. Perform Qualitative Analysis (P)
4. Perform Quantitative Analysis (P)
5. Plan Risk Responses (P)
6. Implement Risk Responses (E)
7. Monitor Risks (M&C)
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Procurement Management - 3
(Knowledge Area)
1. Plan Procurement Management (P)
2. Conduct Procurements (E)
3. Control Procuremenents (M&C)
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Stakeholder Management - 4
(Knowledge Area)
1. Identify Stakeholders (I)
2. Plan Stakeholder Engagement (P)
3. Manage Stakeholder Engagement (E)
4. Monitor Stakeholder Engagement (M&C)
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Team Charter Components
1. Team Values
2. Communication Guidelines
3. Decision-Making Criteria
4. Conflict Resolution
5. Meeting Guidelines
6. Team Agreements
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Integration
Key Process Documents
1. Project Charter
2. Assumption Log
3. Project Management Plan
4. Change Management Plan
5. Compliance Management Plan
6. Issue Log
7. Lessons Learned Register
8. Work Performance Reports
9. Final Report
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Scope
Key Process Documents
1. Scope Management Plan
2. Requirements Management Plan
3. Project Scope Statement
4. Scope Baseline
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Schedule
Key Process Documents
1. Schedule Management Plan
2. Schedule Baseline
3. Project Schedule
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Cost
Key Process Documents
1. Cost Management Plan
2. Cost Baseline
3. Funding Limits
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Quality
Key Process Documents
1. Quality Management Plan
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Resource
Key Process Documents
1. Resource Management Plan
2. Team Charter
3. RBS
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Communications
Key Process Documents
1. Communications Management Plan
2. Project Communications
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Risk
Key Process Documents
1. Risk Management Plan
2. Risk Register
3. Risk Report
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Procurement
Key Process Documents
1. Procurement Management Plan
2. Contracts
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Stakeholder
Key Process Documents
1. Stakeholder Register
2. Stakeholder Engagement Plan
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Scrum Key Points - 5
1. 3 Pillars
2. 5 Core Values
3. 3 Roles
4. Ceremonies
5. Artifacts
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3 Pillars
(Scrum Key Point - 1)
1. Transparency
2. Inspection
3. Adaptation
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5 Core Values
(Scrum Key Point - 2)
1. Focus
2. Courage
3. Commitment
4. Openness
5. Respect
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3 Roles
(Scrum Key Point - 3)
1. Product Owner
2. ScrumMaster
3. Team
| Brain Dump - Rice
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Ceremonies
(Scrum Key Point - 4)
1. Release Planning
2. Sprint Planning
3. Daily Scrum
4. Sprint Review
5. Sprint Retrospective
| Brain Dump - Rice
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Artifacts
(Scrum Key Point - 5)
1. Product Backlog
2. Sprint Goal
3. Sprint Backlog
4. Blocks List
5. Product Increment
| Brain Dump - Rice
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Story Format
As a ...persona - who?
I want... something - what?
So that... some outcome is achieved - why?
| Brain Dump - Rice
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Policy
A course of action adopted by an organization to facilitate operational and project work.
| Exam Tip of the Day #64
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Law
A standard created by local, state, or national governmental authority that requires compliance and often carries penalties for non-compliance.
| Exam Tip of the Day #65
157
Project Management Knowledge Area
A recognized project management area that is qualified by its component practices, processes, inputs, outputs, tools, and techniques and delineated by its knowledge requisites.
| Exam Tip of the Day #66
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Skill
The capability to execute project-related activities based on individual subject matter expertise and abilities.
| Exam Tip of the Day #67
159
Copyright
The legal protection of the ownership rights to a creative work such as literature, software, music, art, as well as the physical or electronic media containing the creative work.
| Exam Tip of the Day #68
160
Assumptions Analysis
The evaluation of project assumptions used to determine the risks that could be incurred as a result of the inexact, fragmentary, or unpredictable nature of the assumptions.
| Exam Tip of the Day #69
161
Stakeholder Engagement Plan
The document, part of the project or program management plan, used to depict all processes, procedures, tools, and techniques that will be used to effectively involve stakeholders in project determinations and performance based on the stakeholders' requirements, concerns, and potential impact.
| Exam Tip of the Day #70
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Risk Management Plan
Risk Management Plan: describes how risk management will be structured
and performed on the project.
Components:
̶ Methodology to perform risk management on the project
̶ Roles and responsibilities of risk management team members
̶ Budgeting
̶ Timing of risk activities
̶ Categories : Systematic way of identifying risks to a consistent level of detail
̶ Risk Breakdown Structure: Hierarchically organized representation of identified project risks
̶ Probability definitions
̶ Impact definitions
̶ Probability and Impact matrix
̶ Risk tolerances
̶ Risk thresholds
̶ Reporting formats
̶ Project document tracking
| Rice Class 9
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Steps to Building a Risk Register
Process is ***Iterative***.
- Identify risks
- Assess Risks: Qualitative analysis (ranking) & Quantitative analysis
- Plan risk responses
| Rice Class 9
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Quantitative Risk Analysis
Evaluate the combined effect of risk
̶ Determines measurable impact of each risk
̶ Provides insight into the combination effects of risk
̶ Contributes to assessment of overall project risk
̶ Focuses strategy for development of appropriate responses
| Rice Class 9
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Expected Monetary Value (EMV)
Formula: EMV = I ($) x P
Example: Impact of Contractor delay is $10K; Probability is 50%
EMV = -$10K x .5 = -$5K
166
Plan Risk Responses
**Negative**
- Avoid - choose something else or not to do it
- Transfer - such as with insurance
- Mitigate - lower your probability or impact by doing something
**Positive Risks**
- Exploit - you try to make it happen
- Share - opportunity to share by partnering (such as joint venture)
- Enhance - do somethign to improve the scores
Neutral:
- Escalate
- Accept - passive and active (team is actively doing something to accept)
167
Risk Adjusted Backlog
▪ Agile iterative approach allows risks to be managed early
▪ Risk responses can be prioritized against business features or
stories
▪ Risk response work can be valued using the EMV concept
▪ Example of EMV of a risk:
Monetized impact is $10,000
Probability is 50%
EMV is $5,000 ($10,000 x 50%)
| Rice Class 9
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Risk Based Spike
▪ Short proof of concept used to investigate an issue
▪ An experiment
▪ If successful, reduces or eliminates risk
▪ Can be used to evaluate options
▪ Considered “throw-away” work
| Rice Class 9
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Monitor Risk
▪ Ongoing process
▪ Monitor the usage of contingency reserve
▪ Update the risk register as needed
▪ New risks may initiate a need for a change to the project plan
| Rice Class 9
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Contract
A legal document between the buyer and the seller that represents a mutually binding agreement obligating the seller to provide specified products, services, or results, and obligating the buyer to provide monetary or other valuable consideration in return.
| Rice Class 10
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Procurement Contract
̶ Terms and conditions
̶ Incorporate other items that the buyer specifies, such as special provisions
̶ To establish what the seller is to perform or provide
A contract means it’s subjected to a more extensive approval process.
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Procurement Management
▪ Can and usually is carried out by a specific procurement department
▪ Addresses the contract management and change control processes required to develop and administer contracts
▪ Builds upon and extends other processes
| Rice Class 10
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Seller
(Procurement Management)
Manages the work as a project.
Seller = contractor, subcontractor, vendor, service provider, supplier
| Rice Class 10
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Buyer
(Procurement Management)
Becomes the customer and becomes a *key stakeholder*.
Buyer = client, customer, prime contractor, contractor, acquiring organization, governmental agency, service requestor, or purchaser
**Unless otherwise stated, the exam will reference all procurement
questions from the BUYER’S perspective**
| Rice Class 10
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Procurement
Key Document
Procurement Management Plan
(from Plan Procurement Management)
| Rice Class 10
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Plan Procurement Management
(Procurement Process)
Primary Function: Provides “how to” direction to the team regarding procurement
management and prepares the team to evaluate proposals.
| Rice Class 10
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Conduct Procurements
(Procurement Process)
Primary Function: Analyze proposals, select sellers and award contracts.
| Rice Class 10
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Control Procurements
(Procurement Process)
Monitor and control performance of contracts.
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Procurement Planning
▪ Determine whether to acquire outside support:
̶ What to acquire
̶ How to acquire it
̶ How much is needed
̶ When to acquire it
▪ Consideration of potential sellers
▪ Project schedule can influence procurement strategy
▪ Decide to “make or buy” (make-or-buy decisions)
▪ Consider the risks involved in make-or-buy decisions
▪ Develop the Statement of Work (SOW) - define work of Seller
▪ Determine bid documents to be used
▪ Define source selection criteria
▪ Define procurement strategy
▪ Determine if independent cost estimates will be used
▪ Leverage OPAs:
̶ Pre-qualified vendors list
̶ Lessons learned
̶ Procurement processes
̶ Historical information
| Rice Class 10
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SOW
(Statement of Work)
▪ A Statement of Work is the part of the contract that describes what the seller will do for the buyer
▪ When the Statement of Work is done or completed, the main work of the project is done and closing can begin
▪ Because the level of detail and planning can vary among contracts, you can take two different approaches to develop the Statement of Work in them contract:
1. Design
2. Functionality
| Rice Class 10
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Enterprise Environmental Factors
Internal and external variables, not under the control of the project team, that impact the project.
| Exam Tip of the Day #71
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Stakeholder Analysis
A technique by which quantitative and qualitative information is amassed and evaluated to determine whose interests should be considered throughout the project.
| Exam Tip of the Day #72
183
Explicit Knowledge
Knowledge that can be classified utilizing such symbols as words, numerals, and images.
| Exam Tip of the Day #73
184
Lessons Learned
The knowledge of what worked and what didn't work during a project.
| Exam Tip of the Day #75
185
Stakeholder
Any person or entity that may impact, be impacted by, or perceive itself to be impacted by any decision, activity, or outcome of the project.
| Exam Tip of the Day #74
186
Termination Clause
A clause in the contract that allows both the buyer and the seller to end the contract.
| Exam Tip of the Day #76
187
Work Authorization
The authorization to begin work on an activity, work package, or control account at the correct time, by the correct entity, and in the correct progression.
| Exam Tip of the Day #77
188
Procurement Strategy
The buyer’s approach to determining the project delivery method and the class of legally binding agreement(s) that will be used to deliver the desired results.
| Exam Tip of the Day #78
189
Work Performance Data
Measurements or statistics related to the execution of project work.
| Exam Tip of the Day #79
190
Incentive Fee
An amount paid, in addition to the contract amount, for exceeding expectations, particularly in the areas of cost, schedule, or technical performance.
| Exam Tip of the Day #80
191
Scheduling Tool
A tool that accelerates scheduling by automatically producing activity start and finish dates based on the entry of activities, relationships, resources, and durations.
| Exam Tip of the Day #81
192
Control Costs
The process of observing project status in order to revise project costs and administer cost baseline revisions.
| Exam Tip of the Day #82
193
Affinity Diagram
A tool used to gather ideas and organize them into groupings so they can be reviewed and analyzed; typically used for ideas generated from brainstorming sessions.
| Exam Tip of the Day #83
194
Interpersonal Skills
The abilities that maximize the establishment and maintenance of relationships with project stakeholders; examples include the ability to communicate clearly, to motivate others, and to effectively negotiate; also known as soft skills.
| Exam Tip of the Day #84
195
Executing Process Group
The processes performed to achieve the work detailed in the project management plan in order to meet the requirements delineated in the project specifications per the work identified in the project management plan.
| Exam Tip of the Day #85
196
Business Value
An abstraction that includes tangible and intangible elements associated with project, program, and portfolio management that maximize the value to the organization.
| Exam Tip of the Day #86
197
Brainstorming
A creative technique used to gather a large amount of information from team members and/or subject matter experts; applicable to ideas, risk identification, and solutions.
| Exam Tip of the Day #87
198
Activity Resource Requirements
The determination of required resources for each work package and work period that are derived from the determination of required resources for each activity within the work package.
| Exam Tip of the Day #88
199
Code of Accounts
The numbering system used to distinguish constituents of the WBS.
| Exam Tip of the Day #89
200
Checksheets
A sheet that can be used as a checklist when gathering data.
| Exam Tip of the Day #90
201
Colocation
A technique for improving team effectiveness, as well as communication and collaboration among team members, by placing them in close proximity to each other.
| Exam Tip of the Day #91
202
Communication Infrastructure
Tools and techniques used to create the foundation for information transfer on a project.
| Exam Tip of the Day #92
203
Document Analysis
The evaluation of current documentation related to project risk.
| Exam Tip of the Day #93
204
Stakeholder
Any person or entity that may impact, be impacted by, or perceive itself to be impacted by any decision, activity, or outcome of the project.
| Exam Tip of the Day #95
205
Inappropriate Compensation
Money or other items of value that are "earned" via improper activities.
| Exam Tip of the Day #96
206
Functional Manager
A manager of any unit that creates a product or executes a service; also known as a line manager.
| Exam Tip of the Day #97
207
Change
A modification to any deliverable, project management plan component, or project document subject to the formal change control process.
| Exam Tip of the Day #98
208
Claim
A demand, under the terms of the contract, for consideration by the buyer from the seller or the seller from the buyer.
| Exam Tip of the Day #94
209
Collect Requirements
The process of arranging for, determining, and documenting the needs of the stakeholders to align with project objectives.
| Exam Tip of the Day #99
210
Actual Duration
The amount of elapsed time between the start and finish of an activity.
| Exam Tip of the Day #100
211
Control Account
A specific point in the work breakdown structure (WBS) where the project scope, budget, actual cost, and schedule are combined and then compared to earned value in order to establish performance metrics.
| Exam Tip of the Day #101
212
Common Cause
A predictable source of variation in a system.
| Exam Tip of the Day #102
213
Commitment Power
A type of power that uses commitment via alliances and partnerships on the project team to tackle challenges to the project as they arise; has a potential connection with referent power.
| Exam Tip of the Day #103
214
Communications Management Plan
The document, part of the project or program management plan, that addresses the communication flow of the project and contains a detailed description of the transmittal process, the transmittal schedule, and the administration process.
| Exam Tip of the Day #104
215
Expected Monetary Value (EMV)
A statistical technique, typically applied in decision tree analysis, used to determine the average outcome when contingent scenarios for future project risks must be considered.
| Exam Tip of the Day #105
216
Claims Administration
The process of managing a project's contract claims.
| Exam Tip of the Day #106
217
Stakeholder Analysis
A technique by which quantitative and qualitative information is amassed and evaluated to determine whose interests should be considered throughout the project.
| Exam Tip of the Day #107
218
Intellectual Property
Ideas and concepts created by an individual or company, typically eligible for copyright or patent, thus providing ownership properties.
| Exam Tip of the Day #108
219
Functional Organization
An entity that is arranged by department or purpose and focuses on operational work rather than project work.
| Exam Tip of the Day #109
220
Change Control
The process of determining, documenting, reviewing, and then approving or rejecting any proposed modifications to project documentation, deliverables, or baselines.
221
Context Diagrams
A graphical representation of the scope of a business system that includes processes, equipment, and computer systems and indicates the manner in which people and other systems interact with the business system.
| Exam Tip of the Day #111
222
Adjusting Leads and Lags
A technique used to align project activities with their scheduled target dates.
| Exam Tip of the Day #112
223
Control Costs
The process of observing project status in order to revise project costs and administer cost baseline revisions.
| Exam Tip of the Day #113
224
Compliance
Conformance to a rule, standard, law, or requirement.
| Exam Tip of the Day #114
225
Competition Power
A type of power that maximizes involvement in the project or idea in the form of competition to help enhance the commitment of those involved to work toward a more successful outcome of the project or idea.
| Exam Tip of the Day #115
226
Control
The process of contrasting actual performance to planned performance, assessing the resulting variances, and determining the actions that will improve performance levels.
| Exam Tip of the Day #116
227
Fallback Plan
The plan that will supersede the original plan if it is not effective.
| Exam Tip of the Day #117
228
Closed Procurements
The written formal notification, from the buyer to the seller, that the contract has been completed; typically completion is dependent on the seller meeting the terms and conditions of the contract.
| Exam Tip of the Day #118
229
Stakeholder Engagement Assessment Matrix
A matrix in which current and desired stakeholder engagement levels are listed for comparison.
| Exam Tip of the Day #119
230
Law
A standard created by local, state, or national governmental authority that requires compliance and often carries penalties for non-compliance.
| Exam Tip of the Day #120
231
Goods
Products that have been created and are available for purchase.
| Exam Tip of the Day #121
232
Change Control Board (CCB)
The group accountable for considering, appraising, and making decisions about (approval, postponement, or rejection) proposed project changes and for the documenting and communicating those decisions.
| Exam Tip of the Day #122
233
Control Scope
The process of observing project status and scope in order to administer scope baseline revisions.
| Exam Tip of the Day #123
234
Analogous Estimating
An estimation technique that relies on data (time, cost, resources needed) from a similar activity or project.
| Exam Tip of the Day #124
235
Cost Aggregation
Adding together the work package cost estimates for high-level WBS components, including control accounts, for the purpose of establishing the value of the total project or the control account work.
| Exam Tip of the Day #125
236
Conformance
Within the quality management system, the delivery of a product or result that falls within the acceptable tolerance levels of quality requirements.
| Exam Tip of the Day #126
237
Identify Risks
The process of identifying the risks that can impact the project and documenting their attributes.
| Exam Tip of the Day #129
238
Conduct Procurements
The process of receiving the seller response(s) to the request(s) for quote(s), information, proposal(s), or bid(s), then determining the seller(s), and awarding the contract(s).
| Exam Tip of the Day #130
239
Stakeholder Engagement Plan
The document, part of the project or program management plan, used to depict all processes, procedures, tools, and techniques that will be used to effectively involve stakeholders in project determinations and performance based on the stakeholders' requirements, concerns, and potential impact.
| Exam Tip of the Day #131
240
Distribute Information
Deliver needed project information to stakeholders in an appropriate timeframe.
| Exam Tip of the Day #128
241
Compromise
A conflict resolution technique in which a solution involves (typically) a little of what everyone is proposing for a solution.
| Exam Tip of the Day #127
242
Non-disclosure Agreement (NDA)
A document signed by the owner of intellectual property and those who view it when it is not generally exposed to the public, or if it is a new idea, before it is displayed to the public.
| Exam Tip of the Day #132
243
Incremental Life Cycle
The progression of project phases characterized by an early determination of scope, the adjustment of time and cost estimates as the team learns more about the product, and an increase in functionality resulting from incremental delivery.
| Exam Tip of the Day #133
244
Change Control System
The procedures that govern modifications to project documents, deliverables, and baselines.
| Exam Tip of the Day #134
245
Create WBS
The process of breaking down the work of the project into minimal components for more effective management.
| Exam Tip of the Day #135
246
Applying Leads and Lags
A technique used to adjust time between activities by applying a lag (lengthening the time) or applying a lead (shortening the time).
| Exam Tip of the Day #136
247
Cost Baseline
The authorized project budget version, exclusive of management reserves, that requires a formal control process to effect changes and is used as the basis of comparison to actual costs.
| Exam Tip of the Day #137
248
Conformance to Requirement
The point where the project and product meet the standards of the written specifications defined at project inception (or modified through change control).
| Exam Tip of the Day #138
249
Conflict Management
The management of conflict within the project by applying such techniques as problem solving, collaboration, forcing, compromising, accommodation, and avoidance.
| Exam Tip of the Day #139
250
Exception Report
A report that includes significant variations from the planned activities.
| Exam Tip of the Day #140
251
Implement Risk Responses
The process of executing endorsed risk response plans.
| Exam Tip of the Day #141
252
Contract
A mutually binding agreement that requires, in accordance with the terms of the agreement, the seller to deliver goods or services to the purchaser and the purchaser to compensate the seller for those goods or services.
| Exam Tip of the Day #142
253
Stakeholder Register
A project document that lists stakeholder information including name, role, assessment, and classification.
| Exam Tip of the Day #143
254
Patent
A legal device which gives ownership of an idea or design to an individual or company that creates the idea or design.
| Exam Tip of the Day #144
255
Change Control Tools
Tools associated with modification and configuration management.
| Exam Tip of the Day #146
256
Decomposition
The process of breaking down the work of the project into smaller, more controllable components.
| Exam Tip of the Day #147
257
Backward Pass
A network diagramming method that calculates the late start (LS) and late finish (LF) dates of each activity by working backward through the schedule from the project completion date.
| Exam Tip of the Day #148
258
Cost Management Plan
The document, part of the project or program management plan, used to describe the framing, forming, observation, and control of project costs.
| Exam Tip of the Day #149
259
Conformance Work
Endeavors, typically related to prevention and inspection, that compensate for issues preventing organizations from achieving planned results.
| Exam Tip of the Day #150
260
Confrontation
Directly dealing with a conflict via problem-solving techniques so that the parties can work through any disagreement.
| Exam Tip of the Day #151
261
Forecast
The estimation of a future state of a project based on the performance levels of the organization or a previous project; typically includes measurements associated with estimate at completion (EAC) or estimate to complete (ETC).
| Exam Tip of the Day #152
262
Management Reserve
Funds set aside for unanticipated project work and excluded from the performance measurement baseline.
| Exam Tip of the Day #153
263
Contract Change Control System
System that manages contract amendments.
| Exam Tip of the Day #154
264
PMI Code of Ethics and Professional Conduct
A standard that PMI requires candidates to agree to before they take the PMP Examination.
| Exam Tip of the Day #155
265
Initiating Process Group
The processes associated with the inauguration of a new project or phase; typically involves obtaining approval and identifying project stakeholders.
| Exam Tip of the Day #156
266
Change Log
A list of proposed project modifications and their associated details including description, date, requestor, and status.
| Exam Tip of the Day #157
267
Define Scope
The process of developing the project scope statement, the document that details the expected results of the project.
| Exam Tip of the Day #158
268
Bar Chart
A graphical representation of schedule-related information. Typically, schedule activities or work breakdown structure components are displayed vertically on the far left of the chart, dates are displayed horizontally across the top of the chart, and activity durations are displayed as date-placed horizontal bars. Also see Gantt chart.
| Exam Tip of the Day #159
269
Cost of Quality
The total cost of achieving or failing to achieve desired quality: specifically the costs of achievement are those associated with planning, controlling, and assuring quality and the costs of failure are those associated with reworking, warranty, waste, and negative reputation.
| Exam Tip of the Day #160
270
Control Chart
A graphic representation of process data over time that is set against documented control limits and has a center line (mean) to assist in identifying trends.
| Exam Tip of the Day #161
271
Control Resources
The process of ensuring that the physical resources assigned and allocated to the project are available as planned and monitored throughout the project to determine that actual utilization conforms to planned utilization; non-conformance to the plan may require corrective action.
| Exam Tip of the Day #162
272
Information Gathering Techniques
Processes used to obtain and organize data from a variety of sources.
| Exam Tip of the Day #163
273
Monitor Risks
The process of monitoring known risks, reducing any risks, identifying any new risks, and monitoring risk reduction over the life of the project.
| Exam Tip of the Day #164
274
Control Procurements
The process of managing contract performance.
| Exam Tip of the Day #165
275
Professional and Social Responsibility
Ethics expected in project managers; includes balancing stakeholder interests and reporting violations.
| Exam Tip of the Day #166
276
Initiator
An organization or individual authorized and capable of starting a project.
| Exam Tip of the Day #167
277
Change Management Plan
A plan that defines the project change management process.
| Exam Tip of the Day #168
278
Delphi Technique
A technique used to gain concurrence from a group of experts about a specific issue; the technique is effected by using a questionnaire to solicit ideas from the experts, having the ideas summarized, having the experts add comments to the summaries, and repeating the process until a consensus is reached.
| Exam Tip of the Day #169
279
BIPERT (Bilogic Extension of the Network Diagram)
A model for parallel programs that depicts ingoing (inclusive) and outgoing (exclusive) links.
| Exam Tip of the Day #170
280
Cost Performance Index (CPI)
The ratio indicating the cost efficiency of resources, calculated by dividing earned value (EV) by actual cost (AC): a CPI of 1.0 indicates the project is proceeding as planned; a CPI greater than 1.0 more indicates the project is proceeding better than planned; and a CPI less than 1.0 indicates the project is not proceeding as well as planned.
| Exam Tip of the Day #171
281
Control Limits
The area comprised of three standard deviations that occur on either side of the mean of normal data distribution on a control chart.
| Exam Tip of the Day #172
282
Develop Team
The process of enhancing the capabilities, interaction and environment of the project team in order to refine project execution.
| Exam Tip of the Day #173
283
Kickoff Meeting
A meeting used to initiate the start of the project; typically attended by all the key stakeholders; can be done when Initiating or Planning is complete depending upon the organization.
| Exam Tip of the Day #174
284
Monte Carlo Simulation
A process that simulates possible project schedule or cost outcomes; often used to estimate required reserves based on the scatter diagram or probability table that is typically the output of the process.
| Exam Tip of the Day #175
285
Cost Plus Award Fee Contract (CPAF)
A contract in which the seller receives payments for actual costs related to completed work plus an award that is at the discretion of the buyer; the award that typically represents seller profit.
| Exam Tip of the Day #176
286
Input
Any internal or external item that is required before a process can continue; it can also be an output from a predecessor process.
| Exam Tip of the Day #177
287
Change Request
A formal solicitation for a project modification that relates to the approach to, or outcome of, the project.
| Exam Tip of the Day #178
288
Diagramming Technique
A method that indicates the logical links between data.
| Exam Tip of the Day #179
289
Bottom-up Estimating
An estimating technique in which individual estimates are rolled up to create a summary estimate for the project.
| Exam Tip of the Day #180
290
Cost Variance (CV)
The deficit or surplus of the budget at any specific point in time, calculated by subtracting the actual cost (AC) from the earned value (EV): a value of 0 indicates the project is on budget, a value greater than 0 indicates the project is under budget, and a value less than 0 indicates the project is over budget.
| Exam Tip of the Day #181
291
Control Quality
The process of testing a project's product, service, or result and then issuing an approval or recommendation for change.
| Exam Tip of the Day #182
292
Log
Documentation of selected items that occur during a project, typically modified to reflect the condition of the item (issue, quality control item, action, or defect).
| Exam Tip of the Day #184
293
Multi-criteria Decision Analysis
A process that utilizes a decision matrix to systematically analyze project information such as risk levels, uncertainty, value, and prioritization.
| Exam Tip of the Day #185
294
Cost Plus Fixed Fee (CPFF) Contract
A contract in which the supplier receives payment for allowable costs plus a fixed fee typically based on estimated cost.
| Exam Tip of the Day #186
295
Iterative Life Cycle
The progression of project phases characterized by the development of scope details one iteration at a time, the adjustment of time and cost estimates as the team learns more about the product, and an increase in functionality resulting from iterative development.
| Exam Tip of the Day #187
296
Close Project or Phase
The process of completing each activity across all process groups in order to finalize a project or phase.
| Exam Tip of the Day #188
297
Facilitated Workshop
A focused session involving cross-functional stakeholders and a designated leader that is conducted to achieve a specific goal, such as the creation of project requirements.
| Exam Tip of the Day #189
298
Buffer
Reserves used to alleviate risks that could negatively impact the budget or schedule.
| Exam Tip of the Day #190
299
Cost-benefit Analysis
A financial analysis method that compares the potential revenue derived from an opportunity to the cost of that opportunity.
| Exam Tip of the Day #191
300
Cost of Nonconformance
Cost associated with not meeting quality expectations of the project or product.
| Exam Tip of the Day #192
301
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Dictatorship
A decision-making technique that involves one person making the decision for the group.
| Exam Tip of the Day #193
302
Manage Communications
The gathering of meaningful project data to create communications that will be disseminated, placed in a repository for future access, and disposed of per the communications management plan.
| Exam Tip of the Day #194
303
Opportunity
A risk whose occurrence will result in a positive impact on the project.
| Exam Tip of the Day #195
304
Cost Plus Incentive Fee (CPIF) Contract
A contract in which the supplier receives payment for allowable costs, as well as a pre-negotiated fee and an incentive fee (if incentives are met).
| Exam Tip of the Day #196
305
Management by Projects
Performing day-to-day operations by a project management approach.
| Exam Tip of the Day #197
306
Configuration Management
A process which verifies that the products of the project are complete and accurate.
| Exam Tip of the Day #198
307
Focus Group
A focused session involving pre-qualified stakeholders, subject matter experts (SMEs), and a designated leader that is conducted to determine expectations and views regarding a potential product, service, or result.
| Exam Tip of the Day #199
308
Calendar Unit
The smallest time unit used in project schedules such as minutes, hours, shifts, days, weeks, months, quarters.
| Exam Tip of the Day #200
309
Definitive Estimate
A cost estimate that provides an accurate estimate of the project cost; the final cost estimate used before implementation; typically the range of -10% to +10%.
| Exam Tip of the Day #201
310
Which role controls resources in a typical exam question?
(A) Functional managers
(B) Project managers
(C) Senior managers
(D) Portfolio managers
**Correct Answer: (A) Functional managers**
Explanation: A typical exam question, unless otherwise stated, assumes a balanced matrix environment, which means that the project manager gets resources from the functional environment.
| Exam Tip of the Day #202
311
Dominators
A role that consumes project communication and focus with their own views without considering others.
| Exam Tip of the Day #203
312
Manage Stakeholder Expectations
The process of communicating with the stakeholders to determine their expectations and addressing issues in a timely manner.
| Exam Tip of the Day #204
313
Overall Project Risk
The impact that uncertainty, including the cumulative effect of individual risks, has on the project; the exposure of stakeholders to the implications of variations in project outcome, both positive and negative.
| Exam Tip of the Day #205
314
Cost Plus Percentage of Cost (CPPC) Contract
A contract that reimburses the seller for cost, plus a negotiated percentage of the total costs.
| Exam Tip of the Day #206
